CFO Appointed to FASB’s Private Company Council

The board of trustees of the Financial Accounting Foundation (FAF) on Tuesday announced the reappointment of Marsha L. Hunt to the Financial Accounting Standards Board (FASB) as well as naming the finance chief of a family-owned business to a three-year term on the Private Company Council.

The CFO, Paul Hensley, is a CPA and senior vice president and CFO of  Holt Texas, a private company that is the authorized Caterpillar dealer for North, Central, and South Texas.

Hensley is a member of the San Antonio chapter of the Texas Society of CPAs and also a past president of the San Antonio Chapter of Financial Executives International (FEI).

Kathleen L. Casey, chair of the FAF board of trustees, said Hensley’s background “covers a wide range of industries including distribution, manufacturing, restaurants, pharmaceuticals, and waste services.”

The Private Company Council (PCC) is the primary advisory body to FASB on private company accounting standards matters. Hensley will be the 12th member of the current PCC and the second CFO. (Robert Messer, CFO of the American National Bank of Texas, is the other.)

At FASB, Hunt was reappointed to a second five-year term, ending July 2027. She was previously a corporate controller for engine and equipment manufacturer Cummins. She also served as a trustee of the Cummins U.K. pension schemes and as a board member of the company’s largest U.S.-based joint venture.

“Marsha Hunt brings to the board keen insights, the ability to view issues from a variety of perspectives, and a strong commitment to develop standards that provide investors and other financial statement users with better information,” stated FASB Chair Richard R. Jones.

The Financial Accounting Foundation (FAF) is an independent, private-sector, not-for-profit organization responsible for the oversight, administration, and financing of FASB.

In a third separate announcement on Tuesday, FAF trustees reappointed Michael M. Morrow to a second two-year term as chair of the Financial Accounting Standards Council, effective January 1, 2022.

The FASAC advises FASB on strategic and technical issues, project priorities, and other matters that affect standard setting.

Morrow joined the FASAC in January 2019 and received his original appointment as chair in 2020. He will be eligible for an additional term in 2024.

Morrow is the audit committee chair of Cabot, a Fortune 100 global chemical company. A CPA, he worked for PwC for nearly 40 years.

The FASAC has more than 30 members. Three of them are chief financial officers — Gordon T. Edwards of  Marshfield Clinic Health System; John W. Pietrowicz of CME Group; and Brian Regan of Spectrum Equity.

The FASAC also includes six chief accounting officers.

Cummins, FASB, Financial Accounting Foundation, Financial Accounting Standards Council, Private Company Council

CFO Appointed to FASB’s Private Company Council